SEOUL, Jun. 4 (Korea Bizwire) – South Korea’s central bank is constructing a broadcast-quality studio to boost its communication efforts with the public on monetary policy decisions. The Bank of Korea recently awarded an 800 million won contract to purchase and install professional equipment for the studio, which will be located on the fourth floor of [...]
SEOUL, May 24 (Korea Bizwire) — The chipmaking sector’s upside cycle may last into the first half of next year and possibly beyond that time, giving a boost to the country’s exports, a report from the Bank of Korea said Friday. The global chipmaking sector rebounded early last year on the back of a boom [...]
SEOUL, Apr. 30 (Korea Bizwire) – South Korea’s industrial makeup grew more service-driven during the Covid-19 pandemic as the healthcare and remote service sectors expanded while manufacturing contracted, central bank data has revealed. The share of services in the country’s total output climbed 4.4 percentage points to 49.3% in 2020 from 44.9% five years earlier, according [...]
SEOUL, Apr. 12 (Korea Bizwire) — South Korea’s central bank froze its key rate for the 10th straight session Friday, saying that its current restrictive stance will be maintained for a sufficient period of time amid woes over high inflation and household debt. In a widely expected decision, the monetary policy board of the Bank [...]
SEOUL, Feb. 6 (Korea Bizwire) –The Bank of Korea announced on February 6 that it has developed an inflation forecast model with improved predictive accuracy, utilizing big data, artificial intelligence (AI), and machine learning (ML) technologies. Lee Changhoon, head of the digital technology R&D team at the Bank of Korea, shared these insights in a [...]
SEOUL, Dec. 28 (Korea Bizwire) — A pivot in monetary tightening modes, weak domestic demand and uncertainties over the property market may pose risks to financial stability, although the country’s financial system remains relatively stable, a central bank report showed Thursday. In its report on financial stability, the Bank of Korea (BOK) said market expectations [...]
SEOUL, Aug. 18 (Korea Bizwire) — The Bank of Korea (BOK) announced the launch of an automatic vault system that integrates advanced logistics automation with a computerized framework. The system involves automated inspection through an inspection machine, loading via a palletizing robot, and movement and storage facilitated by conveyors and automated guided vehicles (AGVs). Upon [...]
SEOUL, Nov. 7 (Korea Bizwire) — The Bank of Korea (BOK) said Monday it has found some technical “restrictions” standing in the way of the introduction of a central bank digital currency (CBDC) as it has completed a mock test on the feasibility of the new form of money. The BOK launched the two-phase mock [...]
SEOUL, May 7 (Korea Bizwire) — South Korea’s central bank is likely to deliver a back-to-back key interest rate rise in May as part of its efforts to rein in inflation, a major local brokerage house said Friday. The Bank of Korea (BOK) raised its policy rate by a quarter percentage point to 1.5 percent [...]
SEOUL, May 4 (Korea Bizwire) — South Korea’s central bank is expected to hike its key interest rate four more times by year’s end considering its hawkish stance shown in the minutes of its latest rate-setting meeting, global investment bank JP Morgan said Wednesday. On Tuesday, the Bank of Korea (BOK) disclosed the minutes of [...]